Solar Energy Initiatives, Inc. Announces $6 Million Project
PONTE VEDRA BEACH, Fla.-(Business Wire)-September 22, 2009 - Solar Energy Initiatives, Inc. (OTCBB:SNRY), executing on a grass roots campaign, “RENEW THE NATION”, to help redeploy a portion of the U.S. work force and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, today announced the signing of a $6 million turn-key contract with a Northeast U.S. municipality. Installation of this project is expected to begin in late October, 2009.
SNRY is the project developer and will also supply the solar equipment and balance of system. The Company will sell the newly generated solar energy to the municipality. SNRY will partner with a major funding source and solar-commercial construction company to install the solar system at no “out of pocket” cost to the municipality. SNRY will receive revenues not only from the sale of the solar equipment and balance of supplies but also from the energy sold to the school district, recognizing energy sales over a 20-year contract period.
“Management is pleased with the Company’s ability to secure significant contracts in this new geographic location,” stated Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives. “SNRY continues to provide proof to municipalities throughout the country that it is a viable renewable energy solution that increases savings and reduces strain on the national electricity grid. We believe that this and additional commercial installations will distinguish SNRY’s low cost, high return solution and add to our now estimated $100 Million project pipeline. The Company will continue to focus on securing contracts, expanding market presence, and improving earnings to ensure continued success through the balance of 2009 and into 2010.”
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (www.SolarEnergy.com) is executing its “RENEW THE NATION” campaign, intended to promote job growth nationwide via an aggressive grass roots effort. The main focus of RENEW THE NATION will be working with companies in the construction industry and related trades affected by the economic downturn to re-train and re-deploy their workforce into solar dealers, allowing this important national asset to meet the needs of the Solar Energy industry, the fastest growing industry in the world. We are executing on a three-pronged approach to achieve our plan. This includes: continuing development of one of the fastest growing dealer networks in the U.S. that sells and installs solar solutions to homeowners and commercial customers; placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s); and becoming a developer of solar parks bringing together landowners, utilities and our corporate resources to build large photovoltaic installations.
The Company’s dealer network of solar energy installers has access to BP Solar (NYSE:BP) and GE Solar (NYSE:GE) equipment via its distribution agreements. While Solar Energy Initiatives is not a solar franchise, and the Company does not compete directly with industry giants such as First Solar (NASDAQ:FSLR), Kyocera (NYSE:KYO), Sanyo (OTC:SANYY), Suntech (NYSE:STP) or Canadian Solar (NASDAQ:CSIQ), as a system integrator, it provides exciting and practical solutions to businesses and individuals worldwide that understand the value of solar power.
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